Results

year
2020
month
JUNE

Monthly Performance Report / June 2020

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MONTHLY RESULTS

GTAA Growth (CAD-based accounts)

JanFebMarAprMayJunJulAugSepOctNovDecYTD
2017 -- -- -- -- -- -- -- 0.1% 0.5% 1.6% 0.5% 1.3% 4.1%
2018 1.3% -2.7% -0.3% -0.2% 0.6% 0.8% 0.9% 0.9% -1.1% -1.7% 0.2% 1.6% 0.2%
2019 0% 0.7% 1.4% 1.5% -2.9% 0.7% -0.2% 3.7% 0.4% 0.6% 0.7% 2% 8.8%
2020 -0.8% -2.9% -2.9% 1.9% 0.2% 0.2% -- -- -- -- -- -- -4.2%

GTAA Growth (USD-based accounts)

JanFebMarAprMayJunJulAugSepOctNovDecYTD
2017 -- -- -- -- -- -- -- 1.3% 0.9% 1.1% 0.5% 1.4% 5.3%
2018 2% -3.4% -0.2% -0.1% 0.4% 0.6% 1% 0.7% -0.4% -2% -0.1% 0.9% -0.7%
2019 1.1% 0.3% 1.6% 1.5% -2.9% 1.3% -0.2% 2.9% 0.6% 1.1% 0.7% 2.3% 10.7%
2020 -1% -3.1% -3.4% 2.2% 0.8% 0.5% -- -- -- -- -- -- -4.1%
PORTFOLIO ALLOCATION

During the month of June, the GTAA strategy moved away from its ultra-defensive posture and had a moderate percentage of the portfolio allocated to risk assets.

Specifically, the strategy had a 10% allocation to U.S. Stocks, a 10% allocation to Japanese stocks, and a 10% allocation to U.S. preferred shares. The remaining 70% of the portfolio was 25% invested in long-term Treasuries and 45% invested in short-term U.S. investment grade corporate bonds.

From a performance attribution perspective, our 10% exposure to U.S. stocks rose 1.8%, our 10% position in Japanese stocks fell 0.1%, and our 10% position in U.S. preferred shares fell 0.9%.  In terms of our remaining “safe bucket” positions, our 25% exposure to long-term Treasuries rose 0.3%, and our 45% exposure to short-term U.S. investment grade corporate bonds rose 0.9%%. In addition, the performance of our CAD-based accounts was tempered by a 17.5% long USD vs. CAD exposure, which declined 1.4%.